Result of Tender Offer
THIS ANNOUNCEMENT RELATES TO THE
DISCLOSURE OF INFORMATION THAT QUALIFIED OR MAY HAVE QUALIFIED AS
INSIDE INFORMATION WITHIN THE MEANING OF ARTICLE 7(1) OF THE MARKET
ABUSE REGULATION (EU) 596/2014.
NOT FOR DISTRIBUTION IN OR INTO OR TO
ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS
TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OR THE
DISTRICT OF COLUMBIA (INCLUDING PUERTO RICO, THE US VIRGIN ISLANDS,
GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS)
OR IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN ANY OTHER
JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS
ANNOUNCEMENT (SEE
"OFFER AND DISTRIBUTION
RESTRICTIONS" IN THE TENDER OFFER
MEMORANDUM (AS DEFINED BELOW))
RESULTS OF TENDER
OFFER
Admiral Group plc
announces results of its Tender Offer for its
£200,000,000
5.500 per cent. Subordinated
Notes due
2024
5 July 2023. Admiral Group plc (the
"Company") announces herein the results of its
invitation to holders of its £200,000,000 5.500 per cent.
Subordinated Notes due 2024 (ISIN: XS1090334050) (the
"Notes") to tender such Notes for purchase by the
Company for cash (the "Offer").
The Offer was made on the terms and subject to
the conditions contained in a tender offer memorandum dated 27 June
2023 (the "Tender Offer Memorandum") prepared by
the Company, and was subject to the offer restrictions set out in
the Tender Offer Memorandum. Capitalised terms used in this
announcement but not defined have the meanings given to them in the
Tender Offer Memorandum.
Results of the Offer
The Expiration Deadline for the Offer was 4.00
p.m. (London time) on 4 July 2023. The Company announces that,
conditional upon satisfaction or waiver of the New Financing
Condition on or prior to the Settlement Date, it has decided to
accept for purchase £144,904,000 in aggregate principal amount of
Notes pursuant to the Offer.
A summary of the results of the Offer appears
below:
Description of the Notes and
ISIN |
Benchmark Security Rate |
Purchase Spread |
Purchase Yield |
Purchase Price |
Aggregate principal amount of Notes accepted for
purchase |
Aggregate principal amount of Notes outstanding after the
Settlement Date |
5.500 per cent. Subordinated Notes due 2024 XS1090334050 |
5.311% |
105 bps |
6.361% |
99.135% |
£144,904,000 |
£55,096,000 |
Subject to satisfaction or waiver of the New
Financing Condition on or prior to such date, settlement of the
purchase of the relevant Notes pursuant to the Offer at the
Purchase Price plus the Accrued Interest Payment is expected to
take place on 7 July 2023. All Notes so purchased shall be
surrendered for cancellation.
Noteholders who have tendered their Notes for
purchase pursuant to the Offer are advised to check with the bank,
securities broker or other intermediary through which they hold
their Notes to determine whether their tendered Notes have been
accepted for purchase by the Company. Any Notes that have been
tendered but not accepted by the Company for purchase pursuant to
the Offer shall be unblocked by the relevant Clearing System.
Dealer Managers
HSBC Bank plc8 Canada SquareLondon E14
5HQTelephone: +44 20 7992 6237Email: LM_EMEA@hsbc.comAttention:
Liability Management, DCM |
Lloyds Bank Corporate Markets plc10 Gresham
StreetLondon EC2V 7AE Telephone: +44 (0) 20 7158 1726 /
3939Email:LBCMLiabilityManagement@lloydsbanking.comAttention:
Liability Management Group |
|
UBS AG London Branch5 BroadgateLondon EC2M
2QSTelephone: +44 20 7568 1121Email:
ol-liabilitymanagement-eu@ubs.com Attention: Liability Management
Desk |
The Tender AgentKroll Issuer Services
LimitedThe Shard32 London Bridge StreetLondon SE1
9SGAttention: Owen MorrisTelephone: +44 20 7704 0880Email:
admiralgroup@is.kroll.com Website:
https://deals.is.kroll.com/admiralgroup |
This announcement is released by Admiral Group
plc and contains information that qualified or may have qualified
as inside information for the purposes of Article 7 of Regulation
(EU) 596/2014 ("MAR"), as it forms part of
domestic law of the United Kingdom by virtue of the European Union
(Withdrawal) Act 2018 ("UK MAR"), encompassing
information relating to the Offer described above. For the purposes
of UK MAR and Article 2 of the binding technical standards
published by the FCA in relation to MAR as regards Commission
Implementing Regulation (EU) 2016/1055, this announcement is made
by Daniel Caunt, Group Company Secretary and General Counsel at
Admiral Group plc.
DISCLAIMER: This announcement
must be read in conjunction with the Tender Offer Memorandum. No
offer or invitation to acquire any securities is being made
pursuant to this announcement. The distribution of this
announcement and the Tender Offer Memorandum in certain
jurisdictions may be restricted by law. Persons into whose
possession this announcement and/or the Tender Offer Memorandum
come(s) are required by each of the Company, the Dealer Managers
and the Tender Agent to inform themselves about, and to observe,
any such restrictions.
Admiral Group plc Incorporated
in England and WalesRegistration number: 03849958LEI:
213800FGVM7Z9EJB2685
Admiral (LSE:ADM)
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